joshumps14
Long

EUR/GBP possible buy idea

FX:EURGBP   Euro / British Pound
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From this analysis I can take away 2 signals telling me the market wants to push up towards that "hourly resistance" zone. The first one would be the support and resistance lines. That first hourly support has been strong with price coming close and bouncing off of it while also testing but failing to really break through that hourly resistance zone . (wicks have crossed) You can see green candle sticks just starting to form off where that most recent bounce would come from. The second is just checking the stochastic RSI . The chart on the left is at a 4H time frame and you can see on the stochastic that its in the "oversold" area which is an area that can signal momentum shifting upwards in a market. Just by going to the 2H timeframe on the chart on the right you can see that the stochastic is showing the markets already started to curl upwards more then what the 4H shows. Even on the 1H chart the market on the stochastic is actually past the 20.000 mark and inside the purple area. Looking at the momentum of the stochastic RSI showing its starting to swing upwards, combined with where the market sits with the support and resistance gives me enough evidence to say this could be a good point to buy in and expect that market to push up.
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